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Late Payments

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Perhaps you’re having problems with cash flow right now, or perhaps you simply forgot to pay. No matter what the reason, late payments always raise a red flag. Just because your credit card issuer hasn’t called demanding payment doesn’t mean they’re not taking action.

What happens when you make late payments?

1. You get charged a “late payment fee.”

Expect your next bill to include a fee for your missed payment. These fees can add up to thousands of pesos depending on the amount you owe, so be very careful.

2. They may raise your interest rate.

The credit card issuing bank doesn’t just stop at penalizing you with additional charges. They may also increase your interest rate to what they call the “default rate,” which is legally the highest interest rate that a creditor can charge. This  makes it even harder for you to carry a balance. However, if you are disciplined and make payments on time in the next six months or so, you may be given back your pre-penalty rate.

3. Your credit score may drop.

If you fail to make payments for more than 30 days, the bank may send your details to the credit bureau. Remember that your payment history constitutes about 35% of your total credit score, so making late payments significantly affects your standing and your ability to secure new credit cards or credit lines in the future.

As a general rule, short-term failure to make payments (less than 60 days) won’t be too catastrophic for your credit score. However, if you still don’t pay for three months (90 days), you can expect your credit score to plummet.

How to avoid late payments

The best thing to do to prevent your credit score from being affected by missed payment is to make payments on time, of course. If you tend to forget paying, try to arrange an automatic payment system online. This is easy if your credit card issuing bank and your savings / payroll bank is one and the same. You can also remind yourself to pay simply by putting a repeating alarm on your mobile phone several days before the monthly deadline.

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Featured Articles:

Should you let your kid have his own credit card?

Fact: there is already an increase of teens and college students who have their own credit cards. Credit card companies now aim on the two groups since they are the ones who spend more money than adults.

Educate your child on how to manage spending with a credit card. Parents an even use instances in the present state of affairs as an example to discuss to kids the pros and cons of credit cards.

Smaller credit limits are usual with these types of cards and while it may be easy to apply for one, credit card companies charge large interest rates and fees to the teenage credit card holders.

People who are below 18 are not legitimate in obtaining credit cards without the consent of their parents. Unfortunately, some kids fill out forms and receive credit cards without the knowledge of their parents. To avoid this, talk to them and help them realize the importance of beginning a solid credit history with their first card. Emphasize that it is of utmost importance to their future.

As a parent, start by reading the guidelines with your child. Make sure you call to attention all the terms written on the fine print. Avoid coming to the rescue if the bills get way out of control. This will teach him to be responsible in handling his money. A credit card spent by a teenager and paid by his parents initiates bad credit habits

Let the child bear in mind that his credit card sho uld be used in emergencies only. Monitor ALL his spending activities. Some credit cards even allow the parents to create their own credit limit for the supplementary cards. This is very logical especially if you are too busy with your career.

Parents can help their kids spend sensibly with the correct use of credit cards. At this early stage, it is better to prepare them in the reality of life by teaching them not to abuse its benefits.